[Section 1: Company Information and Governance](index=7&type=section&id=Section%201) [Introduction](index=7&type=section&id=Introduction) James Hardie Industries plc is a global leader in manufacturing fiber cement siding and backerboard, and a market leader in Europe for fiber gypsum products - The company is a world leader in **fiber cement siding and backerboard**, and a market leader in **European fiber gypsum products**[13](index=13&type=chunk) - Primary geographic markets include the **United States, Canada, Australia, New Zealand, the Philippines, and Europe**[13](index=13&type=chunk) - Products are utilized across various sectors including **new residential construction (single and multi-family), manufactured housing, repair and remodeling, and commercial/industrial applications**[13](index=13&type=chunk) [Selected Financial Data](index=7&type=section&id=Selected%20Financial%20Data) The company presents a five-year summary of consolidated financial data, highlighting consistent net sales growth and fluctuating net income, alongside key operational metrics Five-Year Selected Financial Data (Fiscal Years 2016-2020) | Indicator (US$ Millions, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | 2,606.8 | 2,506.6 | 2,054.5 | 1,921.6 | 1,728.2 | | **Net Income** | 241.5 | 228.8 | 146.1 | 276.5 | 244.4 | | **Total Assets** | 4,028.3 | 4,032.6 | 2,351.0 | 2,012.7 | 2,029.4 | | **Net Cash from Operating Activities** | 451.2 | 304.0 | 308.5 | 382.5 | 222.9 | | **Diluted EPS (US$)** | 0.54 | 0.52 | 0.33 | 0.62 | 0.55 | | **Dividends Declared per Share (US$)** | 0.36 | 0.40 | 0.38 | 0.39 | 0.58 | Asbestos Adjustments (Expense) Benefit (US$ Millions) | Year | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Amount | (58.2) | (22.0) | (156.4) | 40.4 | 5.5 | [Information on the Company](index=10&type=section&id=Information%20on%20the%20Company) [History and Development of the Company](index=10&type=section&id=History%20and%20Development%20of%20the%20Company) Established in 1888, James Hardie pioneered asbestos-free fiber cement technology and expanded globally, notably funding the Asbestos Injuries Compensation Fund (AICF) through the AFFA - The company was established in **1888**, listed on the **ASX** in **1951**, and pioneered **asbestos-free fiber cement technology** in the late-**1970s**[28](index=28&type=chunk) - In February **2007**, shareholders approved the **Amended and Restated Final Funding Agreement (AFFA)** to provide long-term funding to the **Asbestos Injuries Compensation Fund (AICF)** for Australian asbestos-related personal injury claims[30](index=30&type=chunk) - Despite having no legal ownership, the company consolidates **AICF** for financial reporting purposes due to its pecuniary and contractual interests under the **AFFA**[33](index=33&type=chunk) [Business Overview](index=12&type=section&id=Business%20Overview) James Hardie is a global leader in fiber cement and fiber gypsum building materials, with North America as its largest market, known for durable products and a multi-channel sales strategy Net Sales by Operating Segment (US$ Millions) | Segment | FY 2020 | FY 2019 | FY 2018 | | :--- | :--- | :--- | :--- | | North America Fiber Cement | 1,816.4 | 1,676.9 | 1,578.1 | | Asia Pacific Fiber Cement | 418.4 | 446.8 | 425.4 | | Europe Building Products | 371.4 | 368.3 | 36.3 | | Other Businesses | 0.6 | 14.6 | 14.7 | | **Total Net Sales** | **2,606.8** | **2,506.6** | **2,054.5** | - The company's **fiber cement products** offer performance advantages such as resistance to **moisture, fire, impact, and termites** compared to wood-based products[39](index=39&type=chunk) - Principal raw materials for **fiber cement** are **cellulose fiber, silica, Portland cement, and water**. For **fiber gypsum**, key materials are **gypsum and recycled paper**[61](index=61&type=chunk) [Organizational Structure](index=20&type=section&id=Organizational%20Structure) Incorporated in Ireland, James Hardie Industries plc details its significant wholly-owned subsidiaries and their jurisdictions of establishment and tax residence Selected Significant Subsidiaries (as of 30 April 2020) | Name of Company | Jurisdiction of Establishment | Jurisdiction of Tax Residence | | :--- | :--- | :--- | | James Hardie Building Products Inc. | United States | United States | | James Hardie Australia Pty Ltd | Australia | Australia | | James Hardie Europe GmbH | Germany | Germany | | Fermacell B.V. | Netherlands | Netherlands | | James Hardie International Finance DAC | Ireland | Ireland | [Property, Plants and Equipment](index=21&type=section&id=Property%2C%20Plants%20and%20Equipment) The company operates numerous fiber cement and fiber gypsum manufacturing plants globally, with FY2020 capital expenditures at **US$193.8 million**, including a significant expansion in Prattville, Alabama - The company operates **fiber cement manufacturing plants** across the **US, Australia, New Zealand, and the Philippines**, and **six manufacturing plants** in **Europe**[90](index=90&type=chunk) Total Capital Expenditures (US$ Millions) | Year | FY 2020 | FY 2019 | FY 2018 | | :--- | :--- | :--- | :--- | | Total | 193.8 | 317.5 | 210.2 | - A significant active capital project is the **US$240.0 million Prattville Greenfield expansion**, expected to be commissioned in **FY22**, which will add **600 mmsf** of nameplate capacity[103](index=103&type=chunk) [Directors, Senior Management and Employees](index=25&type=section&id=Directors%2C%20Senior%20Management%20and%20Employees) [James Hardie Executive Team](index=25&type=section&id=James%20Hardie%20Executive%20Team) The executive team, led by CEO Dr. Jack Truong and CFO Jason Miele, oversees key corporate functions and strategic operations - **Dr. Jack G. Truong** was appointed CEO in January **2019**. He previously served as President and CEO of Electrolux North America and had a **22-year career** at **3M Company**[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - **Jason Miele** was appointed CFO in February **2020**. He has been with **James Hardie** for over **13 years**, previously serving as VP of Investor and Media Relations, Global Treasurer, and Global Controller[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Board of Directors](index=30&type=section&id=Board%20of%20Directors) The Board of Directors, chaired by Michael Hammes, comprises non-executive directors with diverse international experience in management, finance, and manufacturing - **Michael Hammes** serves as the independent non-executive Chairman of the Board, appointed in January **2008**. He has extensive senior executive experience, including as CEO and Chairman of Sunrise Medical, Inc[138](index=138&type=chunk)[139](index=139&type=chunk) - **Brian Anderson**, an independent non-executive director since **2006**, is the Chairman of the Audit Committee. He previously served as CFO of Baxter International, Inc and was an Audit Partner at Deloitte & Touche LLP[142](index=142&type=chunk)[143](index=143&type=chunk) [Remuneration](index=36&type=section&id=Remuneration) Executive remuneration for FY2020 includes base salary, short-term and long-term incentive plans, with non-executive director fees set within a **US$3.8 million** shareholder-approved pool FY2020 Remuneration Elements for Senior Executive Officers | Duration | Plan Name | Allocation of Target | Form of Incentive | | :--- | :--- | :--- | :--- | | Short Term (1 year) | Individual Performance Plan | 20% of STI Target | Cash | | | Company Performance Plan | 80% of STI Target | Cash | | Long Term (3 years) | ROCE RSUs | 25% of LTI Target | Restricted Stock Units | | | Relative TSR RSUs | 25% of LTI Target | Restricted Stock Units | | | Scorecard LTI | 50% of LTI Target | Cash | Total Remuneration for Senior Executive Officers (FY2020, US$) | Name | Base Pay | STI Award | Total Remuneration | | :--- | :--- | :--- | :--- | | J Truong (CEO) | 800,000 | 2,160,000 | 6,068,263 | | S Gadd | 558,038 | 747,252 | 2,676,674 | | J Blasko | 447,347 | 489,117 | 1,587,237 | - Non-executive director fees are determined within a maximum aggregate pool of **US$3.8 million** per annum, approved by shareholders at the **2019 AGM**[210](index=210&type=chunk) [Corporate Governance Report](index=53&type=section&id=Corporate%20Governance%20Report) The company adheres to ASX and NYSE corporate governance standards, with a Board overseeing strategic guidance, supported by key committees, a Global Code of Business Conduct, and a Workplace Diversity Policy - The company's corporate governance framework is evaluated against the **ASX Corporate Governance Principles** and the **NYSE Corporate Governance Standards**[250](index=250&type=chunk) - The Board has established three standing committees: **Audit, Remuneration, and Nominating and Governance**, each operating under a written charter[262](index=262&type=chunk)[266](index=266&type=chunk) - The company has adopted a **Global Code of Business Conduct** applicable to all employees and directors, an **ethics hotline**, and an **Insider Trading Policy**[326](index=326&type=chunk)[328](index=328&type=chunk)[332](index=332&type=chunk) Diversity Composition at End of FY2020 | Level | Percentage of Female Employees | Percentage with Diversity Characteristics | | :--- | :--- | :--- | | James Hardie Board | 33% (3 of 9) | 67% (6 of 9) | | US Senior Leadership | 15% (25 of 164) | 29% (47 of 164) | | US Total Workforce | 12% (342 of 2,760) | 38% (1,054 of 2,760) | [Section 2: Financial Information](index=70&type=section&id=Section%202) [Reading this Report](index=76&type=section&id=Reading%20this%20Report) This section provides a safe harbor statement, cautioning that forward-looking statements are subject to inherent risks and uncertainties, including asbestos liabilities and the COVID-19 pandemic - The report contains forward-looking statements made pursuant to the safe harbor provisions of the **Private Securities Litigation Reform Act of 1995**[371](index=371&type=chunk) - Forward-looking statements are subject to known and unknown risks, including **asbestos liabilities, competition, market conditions, and the impact of COVID-19**, which may cause actual results to differ materially[374](index=374&type=chunk) [Management's Discussion and Analysis](index=77&type=section&id=Management%27s%20Discussion%20and%20Analysis) In FY2020, net sales increased **4% to US$2,606.8 million**, driven by North America Fiber Cement, while operating income decreased due to impairments and asbestos adjustments, with liquidity strengthened in response to COVID-19 FY20 vs. FY19 Operating Results (US$ Millions) | Metric | FY20 | FY19 | Change % | | :--- | :--- | :--- | :--- | | Net sales | 2,606.8 | 2,506.6 | 4% | | Gross profit | 933.7 | 831.0 | 12% | | Operating income | 342.5 | 351.6 | (3%) | | Net income | 241.5 | 228.8 | 6% | - The **North America Fiber Cement** segment saw an **8%** increase in net sales to **US$1,816.4 million**, driven by **8%** volume growth and a **1%** increase in average net sales price[412](index=412&type=chunk)[416](index=416&type=chunk) - Asset impairments totaled **US$84.4 million** in **FY20**, primarily related to the closure of the **Summerville, USA** and **Penrose, New Zealand** manufacturing facilities and other non-core assets[408](index=408&type=chunk) - In response to **COVID-19**, the company suspended dividends, reduced **FY21** capital expenditure guidance to **US$80-95 million**, and will make its **AICF** contribution in quarterly installments[484](index=484&type=chunk) [Consolidated Financial Statements](index=99&type=section&id=Consolidated%20Financial%20Statements) This section presents the audited consolidated financial statements for FY2018-2020, with Ernst & Young LLP providing an unqualified opinion, highlighting asbestos liability valuation and long-lived asset impairment as critical audit matters - The independent auditor, **Ernst & Young LLP**, issued an unqualified opinion on the consolidated financial statements and the company's internal control over financial reporting as of March **31, 2020**[499](index=499&type=chunk)[500](index=500&type=chunk) - Critical Audit Matters identified by the auditor were the **Asbestos Liability Valuation**, due to the complexity and subjectivity of actuarial estimates, and the **Impairment of Long-lived Assets**, due to the subjectivity of fair value determination[504](index=504&type=chunk) [Notes to Consolidated Financial Statements](index=106&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies and financial statement items, including AICF consolidation, COVID-19 impact, revenue recognition, and specifics on assets, liabilities, and segment information - The company consolidates the **Asbestos Injuries Compensation Fund (AICF)** as a **Variable Interest Entity (VIE)** due to its pecuniary and contractual interests under the **AFFA**, despite having no ownership interest[517](index=517&type=chunk) - The asbestos liability is based on an undiscounted and uninflated central estimate from an actuarial study by **KPMGA**, which projected future cash flows through **2072**[561](index=561&type=chunk)[562](index=562&type=chunk) Asbestos Liability Central Estimates (as of 31 March 2020) | Estimate Type | US$ Millions | A$ Millions | | :--- | :--- | :--- | | Discounted and Inflated | 1,250.9 | 2,025.2 | | Undiscounted and Uninflated | 897.1 | 1,452.4 | - The company adopted the new lease accounting standard (**ASC 842**) on April **1, 2019**, recognizing a right-of-use asset of **US$79.7 million** and a lease liability of **US$82.0 million** upon adoption[589](index=589&type=chunk) [Remuneration of Independent Registered Public Accounting Firm](index=153&type=section&id=Remuneration%20of%20Independent%20Registered%20Public%20Accounting%20Firm) This section details the fees billed by Ernst & Young LLP for professional services over the last three fiscal years, all pre-approved by the Audit Committee Fees Billed by Independent Registered Public Accounting Firm (US$ Millions) | Service | FY20 | FY19 | FY18 | | :--- | :--- | :--- | :--- | | Audit fees | 5.7 | 5.7 | 4.3 | | Audit-related fees | — | — | — | | Tax fees | — | — | — | | All other fees | — | — | — | - All services provided by the independent registered public accounting firm are pre-approved by the Audit Committee[746](index=746&type=chunk) [Section 3: Risk Factors and Other Information](index=154&type=section&id=Section%203) [Risk Factors](index=154&type=section&id=Risk%20Factors) The company faces significant risks including the COVID-19 pandemic, dependence on construction markets, competition, capital expenditure overruns, regulatory actions, currency fluctuations, product liabilities, and asbestos-related funding obligations - The **COVID-19 pandemic** poses a significant risk, potentially impacting manufacturing operations, supply chains, and product demand due to economic downturns and decreased construction activity[749](index=749&type=chunk)[751](index=751&type=chunk) - The company's funding obligation to the **Asbestos Injuries Compensation Fund (AFFA)** reduces funds available for growth and could be extended if claims escalate beyond current actuarial estimates[811](index=811&type=chunk)[814](index=814&type=chunk)[815](index=815&type=chunk) - The business is dependent on **residential and commercial construction markets**, which are influenced by factors outside the company's control like interest rates, unemployment, and consumer confidence[752](index=752&type=chunk)[753](index=753&type=chunk) - Ongoing **New Zealand product liability litigation** concerning **weathertightness claims** could result in material losses, as the total liability is subject to significant uncertainties[768](index=768&type=chunk)[769](index=769&type=chunk) [Legal Proceedings](index=173&type=section&id=Legal%20Proceedings) The company is involved in various legal proceedings, notably New Zealand weathertightness claims, for which liabilities are recognized when probable and estimable, though ultimate outcomes remain uncertain - The company is a defendant in numerous **weathertightness claims** in **New Zealand** concerning buildings constructed mainly between **1998** and **2004**[846](index=846&type=chunk) - A liability is recognized for these claims when a loss is probable and estimable, but the ultimate outcome could be materially different from current estimates due to various uncertainties[847](index=847&type=chunk)[848](index=848&type=chunk) [Controls and Procedures](index=175&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of March 31, 2020, a conclusion affirmed by Ernst & Young LLP's unqualified opinion - Management concluded that the company's disclosure controls and procedures were effective as of March **31, 2020**[851](index=851&type=chunk) - Based on the **COSO 2013 framework**, management concluded that internal control over financial reporting was effective as of March **31, 2020**[853](index=853&type=chunk) - **Ernst & Young LLP** provided an unqualified opinion on the effectiveness of the company's internal control over financial reporting[857](index=857&type=chunk) [Employees](index=177&type=section&id=Employees) As of March 31, 2020, James Hardie employed an average of **4,869** people globally, with a significant portion in North America and a satisfactory relationship with labor unions Average Number of Employees by Segment/Region | Region/Segment | FY 2020 | FY 2019 | FY 2018 | | :--- | :--- | :--- | :--- | | Fiber Cement US & Canada | 2,563 | 2,592 | 2,659 | | Europe Building Products | 972 | 994 | 80 | | Fiber Cement Australia | 597 | 603 | 539 | | Fiber Cement New Zealand | 180 | 186 | 170 | | Fiber Cement Philippines | 340 | 304 | 261 | | **Total Employees** | **4,869** | **4,916** | **3,960** | - As of March **31, 2020**, approximately **791 employees** were covered by collective agreements, primarily in **Europe, Australia, and New Zealand**[866](index=866&type=chunk) [Listing Details](index=177&type=section&id=Listing%20Details) James Hardie's securities are listed on the ASX as CUFS and on the NYSE as ADSs under the ticker symbol "JHX", with each ADS representing one CUFS - The company's securities trade on the **ASX** as **CUFS** and on the **NYSE** as **ADSs**, both under the symbol "**JHX**"[867](index=867&type=chunk)[870](index=870&type=chunk) - The beneficial ownership ratio is **one share of common stock per CUFS**, and **one CUFS per ADS**[867](index=867&type=chunk) [Constitution](index=180&type=section&id=Constitution) As an Irish plc, James Hardie is governed by its Constitution and the Irish Companies Act 2014, outlining provisions for share issuance, voting rights, dividends, and Irish takeover rules - The company is an **Irish plc** governed by the **Irish Companies Act 2014** and its Constitution[879](index=879&type=chunk) - The Board has the power to issue shares up to the authorized share capital and to limit statutory pre-emptive rights, subject to shareholder approval and renewal every **five years**[887](index=887&type=chunk) - Under the **Irish Takeover Rules**, an acquirer whose voting rights reach **30%** or more must generally make a mandatory cash offer for the entire company[831](index=831&type=chunk)[917](index=917&type=chunk) - Dividends may only be paid from sufficient distributable profits and provided the company's net assets are not less than its called-up share capital plus undistributable reserves[909](index=909&type=chunk) [Material Contracts](index=187&type=section&id=Material%20Contracts) The company reports no material contracts requiring disclosure beyond those already detailed, such as the AFFA, debt facilities, and executive compensation plans - No material contracts require disclosure beyond those already described in the report, such as the **AFFA, debt agreements, and executive compensation plans**[928](index=928&type=chunk) [Exchange Controls](index=187&type=section&id=Exchange%20Controls) Ireland has no significant legislative restrictions on capital import/export or remittances to non-resident security holders, except for standard EU financial sanctions - There are no legal provisions in **Ireland** restricting the import/export of capital or remittances to non-resident security holders, other than standard **EU financial sanctions**[931](index=931&type=chunk) - There are no limitations under **Irish law** or the company's Constitution on the right of non-residents to hold or vote the company's common stock[932](index=932&type=chunk) [Taxation](index=188&type=section&id=Taxation) This section summarizes material US and Irish tax consequences for shareholders, including dividend taxation and withholding tax exemptions for non-Irish residents from treaty or EU countries - For **US Shareholders**, dividends are generally considered "**qualified dividend income**" subject to a maximum **20%** tax rate, provided holding period requirements are met[939](index=939&type=chunk) - Distributions from the company are subject to a **25% Irish dividend withholding tax**, but exemptions are available for non-Irish resident shareholders from treaty or **EU** countries who submit the required declaration forms[955](index=955&type=chunk)[956](index=956&type=chunk) - The company believes it is eligible for benefits under the **US-Ireland Income Tax Treaty**, which reduces **US** withholding tax on interest and dividends paid from its **US** subsidiaries to its **Irish** resident subsidiaries[838](index=838&type=chunk)[839](index=839&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=196&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks including foreign currency, interest rates, and commodity prices, with a **10% AUD/USD** movement impacting net income by **US$54.4 million** - The company is exposed to foreign currency risk, particularly from its **Australian dollar-denominated AFFA liability** against its primarily **US dollar** revenues[977](index=977&type=chunk) - A **10%** movement in the **AUD/USD exchange rate** would have an approximate **US$54.4 million** impact on net income, based on the unfunded net **AFFA** liability at March **31, 2020**[983](index=983&type=chunk) - The company is exposed to commodity price risk for materials like **pulp and cement**. A **+/- 10%** change in the average cost of core commodities would have impacted **FY20** cost of sales by **+/- US$31.8 million**[989](index=989&type=chunk) [Section 4: Shareholder Information and Appendices](index=199&type=section&id=Section%204) [Share/CHESS Units of Foreign Securities Information](index=199&type=section&id=SHARE%2FCHESS%20Units%20of%20Foreign%20Securities%20Information) As of April 30, 2020, the company had **443,144,740 CUFS** outstanding, with Australia holding the largest beneficial ownership at **61.38%** Geographic Distribution of Beneficial Ownership (as of 31 March 2020) | Geographic Region | Percentage | | :--- | :--- | | Australia | 61.38% | | United States | 14.65% | | United Kingdom | 4.50% | | Europe (ex-UK) | 6.27% | | Asia | 5.08% | | Other | 8.12% | Top 3 Substantial CUFS Holders (as of 30 April 2020) | CUFS Holder | Percentage of Shares Outstanding | | :--- | :--- | | BlackRock, Inc | 6.40% | | AustralianSuper Pty Ltd | 5.99% | | Commonwealth Bank of Australia | 5.99% | [Glossary of Abbreviations and Definitions](index=202&type=section&id=Glossary%20of%20Abbreviations%20and%20Definitions) This section provides a glossary of abbreviations and definitions used throughout the report, including key terms and a cross-reference for US GAAP to Australian financial terminology - The report includes a glossary defining key abbreviations like **AFFA, AICF, CUFS**, and financial metrics such as **ROCE** and **TSR**[1002](index=1002&type=chunk)[1003](index=1003&type=chunk) - A table is provided to cross-reference **US GAAP** financial terms (e.g., Operating income) to their Australian equivalent terminology (e.g., **EBIT**)[1005](index=1005&type=chunk) [Exhibit List](index=204&type=section&id=Exhibit%20List) This section lists all exhibits filed with the Form 20-F, including corporate documents, AFFA agreements, debt instruments, and Sarbanes-Oxley Act certifications - Lists key corporate documents filed as exhibits, including the company's Constitution (Memorandum and Articles of Association)[1007](index=1007&type=chunk) - Includes various agreements related to the **AFFA**, debt indentures, and credit facilities[1007](index=1007&type=chunk)[1008](index=1008&type=chunk) - Contains required certifications from the CEO and CFO under Sections **302** and **906** of the **Sarbanes-Oxley Act**[1011](index=1011&type=chunk) [Signatures](index=210&type=section&id=Signatures) The annual report was certified and signed on May 19, 2020, by CEO Jack Truong and Chairman Michael N. Hammes, confirming compliance with Form 20-F filing requirements - The Form **20-F** was signed and certified on May **19, 2020**[1014](index=1014&type=chunk)[1015](index=1015&type=chunk) - The signatories are **Jack Truong, Chief Executive Officer**, and **Michael N. Hammes, Chairman**[1014](index=1014&type=chunk)[1015](index=1015&type=chunk)

Financial Data and Key Metrics Changes - The company reported a 7% volume increase in Q4, with North America leading at 10% growth. Adjusted EBIT grew by 21% in Q4, driven by a 26% increase in North America and a 4% increase in Asia-Pacific. Adjusted NOP increased by 17% for both the quarter and the full year. Operating cash flow surged by 48%, enhancing liquidity and financial flexibility [11][12][25]. Business Line Data and Key Metrics Changes - In North America, the exterior business saw an 11% volume growth in Q4 and 9% for the full year. The interiors business improved with a 5% volume growth in Q4 and 1% for the full year. The EBIT margin for North America reached 25.9%, exceeding long-term targets [13][15][16]. - In Europe, Q4 revenue grew by 7%, with fiber cement business revenue increasing by 50%. However, EBIT growth was hindered by higher integration and SG&A costs [17][18]. - In the Asia-Pacific region, EBIT growth was impacted by lockdowns, resulting in a 4% growth in Q4 and 2% for the full year, with an EBIT margin of 22.7% [19][21]. Market Data and Key Metrics Changes - North America showed strong performance across all key financial metrics, while Europe experienced a recovery in commercial execution with significant growth in fiber cement. The Australian business maintained growth despite market pressures [11][17][19]. Company Strategy and Development Direction - The company aims to maintain a safe work environment, ensure strong liquidity, and gain market share through a push-pull strategy. The focus is on continuous improvement and innovation to meet customer needs [51][53][61]. - Strategic actions include closing underperforming plants and exiting non-core businesses to enhance operational efficiency and financial flexibility [29][31][33]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the COVID-19 crisis while maintaining business continuity. They anticipate a gradual recovery in the housing market, with a focus on customer engagement and market share growth [9][58][80]. - The company expects to achieve EBIT accretion of $20 million to $30 million in FY '21 from recent strategic actions, with increasing benefits expected throughout the year [35][41]. Other Important Information - The company suspended dividends and reduced capital expenditures for FY '21 to focus on safety, maintenance, and innovation [27][45]. - Liquidity improved significantly, reaching $579 million by the end of April 2020, with a leverage ratio of 1.9, well below the covenant requirement [47][48]. Q&A Session Summary Question: What factors influence the North American margin range? - The top end is driven by efficiency and continuous improvement, while the bottom end depends on volume, which is volatile [68][69]. Question: What is the market growth and PDG contribution? - The focus is on gaining market share rather than predicting market growth, with improvements noted in recent weeks [70][72]. Question: What are the strategic actions in different regions? - North America focuses on leveraging product offerings, Europe on fiber cement growth, and Australia on lightweight construction trends [76][78]. Question: What is the expected recovery shape? - A cautious approach is taken, anticipating a gradual recovery influenced by economic factors and employment rates [80][81]. Question: What are the lean savings targets? - The company aims to maintain and improve upon previous lean savings, with a target of $40 million to $45 million for FY '21 [96][98].

James Hardie Industries plc. (NYSE:JHX) Q3 2020 Results Earnings Conference Call February 11, 2020 5:00 PM ET Company Participants Jack Truong - CEO Jason Miele - Head, IR Anne Lloyd - Interim CFO Conference Call Participants Simon Thackray - Jefferies Peter Wilson - Credit Suisse Sophie Spartellus - Bank of America Lee Power - CLSA Peter Steyn - Macquarie Keith Chau - MST Marquee Jack Truong Good morning, everyone. Thank you for joining us in our Q3 Fiscal Year 2020 Earnings Call. I will begin by discussin ...

James Hardie Industries plc (NYSE:JHX) Q2 2020 Results Conference Call November 6, 2019 5:00 PM ET Company Participants Jack Truong - CEO Jason Miele - Head, IR Anne Lloyd - Interim CFO Conference Call Participants Peter Steyn - Macquarie Sophie Spartalis - Merrill Lynch Peter Wilson - Credit Suisse Lee Power - CLSA Simon Thackray - Jefferies Brook Campbell - JP Morgan Daniel Kang - Citigroup Grant Slade - Morningstar Paul Quinn - RBC Capital Jack Truong Good morning, everyone, and thank you for joining us ...

James Hardie Industries plc. (NYSE:JHX) Q1 2020 Results Earnings Conference Call August 8, 2019 6:00 PM ET Company Participants Jack Truong - CEO Matt Marsh - CFO Conference Call Participants Peter Stein - Macquarrie Group Brook Campbell-Crawford - JPMorgan Keith Chau - MST Marquee Andrew Scott - Morgan Stanley Sophie Spartalis - Merrill Lynch Peter Wilson - Credit Suisse Grant Slade - Morningtsar James Brennan-Chong - UBS Operator Ladies and Gentlemen, thank you for standing by, and welcome to the James Ha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 March 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCH ...